In exercise of the powers conferred by section 12 of the Government Savings Certificate Act, 1959 (46 of 1959), the Central Government hereby makes the following rules, named as National Savings Certificates (IX-Issue) Rules, 2011. They shall come into force on the 1st day of December, 2011.
Denominations in which certificates shall be issued,—The National Savings Certificates (IX Issue) shall be issued in denominations of Rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs. 10000 and such other denominations as may be notified by the Central Government from time to time.
Types of Certificates and Issue thereof,—
(1) The certificates shall be of the following types, namely:—
(a) Single Holder Type certificates;
(b) Joint ‘A’ Type Certificates; and
(c) Joint ‘B’ Type Certificates;
(2) (a) A Single Holder Type certificate may be issued to an adult for himself or on behalf of a minor or to a minor;
(b) A Joint TV Type certificate may be issued jointly to two adults payable to both the holders jointly or to the survivor,
(c) A Joint ‘B’ Type certificate may be issued jointly to two adults payable to either of the holders or to the survivor;
(3) Non-Resident Indians are not eligible to purchase the National Savings Certificates.
Purchase of Certificates,—Certificates may be purchased for any amount.